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September 21, 2017

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Insurance firm exec urges economic confidence

TAIPEI -- People in Taiwan should have more confidence in the country's economy, despite recent negative economic figures, the vice chairman of a major local insurance company said yesterday, adding that confidence is a driver of a country's economy.

Du Ying-tzyong of Nan Shan Life Insurance Co. also expressed optimism over Taiwan's economic prospects, citing the results of research conducted by Citi Investment Research and Analysis.

The research predicts that Taiwan will become the world's third richest country in 2030 in terms of per capita gross domestic product (GDP), following Singapore and Hong Kong.

Du's remarks came amid the release of government indicators showing an economic slump for the ninth straight month in July. In August, Taiwan cut its growth forecast for its GDP in 2012 to 1.66 percent, from a previous estimate of 2.08 percent.

Despite the declining figures, "we have to show more confidence in our economy," Du said on the sidelines of a press conference.

Asked what the impact on Taiwan will be if the U.S. Federal Reserve comes up with a third round of quantitative easing (QE3) aimed at stimulating the U.S. economy, Du said the monetary policy might not be beneficial to developing countries such as Taiwan.

Should such a policy take effect, the U.S. dollar will fall against other foreign currencies, which will be a negative factor for export-reliant countries, he added.

"The QE3 is not omnipotent ... There should also be other economic policies to drive the economy," said Du.

In the previous two rounds of QE, the U.S. bought in US$2.3 trillion in bonds in order to inject more money into the economy, with the last round of asset purchases ending in 2011.

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